OnDeck: Personalized Service in Online Lending

When your small business is facing a funding gap, a loan is one potential solution for getting the cash you need.

You may be dreading the idea of even applying for a business loan because you’ve heard how difficult the process can be–or because you’ve actually experienced the frustration first-hand. Maybe it’s the long application forms or documentation requirements that you find most discouraging. Perhaps you fear your company’s credit score–not the dreams you had when you started the business, or the hard work and high quality products and services that are driving its growth–will be the only thing the loan reviewer notices. Or you might just be worried about having to navigate the complicated loan process on your own.

Wouldn’t it be great to find a lender that sees your business as more than just a credit score? One that connects you with a real person who can help you find the best loan option for your specific business goals and answer your questions? With the personalized lending service at OnDeck, you can check off everything on that wish list.

OnDeck

Loan amounts

$5,000 to $250,000

APR

Not disclosed

Minimum credit score

625

OnDeck

Learn More

Via Ondeck's Website

OnDeck’s Step-by-Step Guidance

You’ll experience the OnDeck personal touch right from the start. Once you submit your application, you’ll get a dedicated loan advisor whose job is to help you select the right type of loan and walk you through each step.

“I found OnDeck online and the loan advisor I first worked with was great,” says Melissa Diabate, whose bank had turned her down for a loan to help rebrand and grow her Houston hair company, NirvanaNoir. “Sarah made things so easy and since then I’ve never had any issues.”

So far Diabate has used OnDeck loans primarily to buy inventory, though she also has her eye on hiring a few social media marketing specialists down the line. She notes that her most recent loan has helped her business bounce back from the pandemic, with her trusted OnDeck loan advisors as her guide.

“I worked with Anthony on my last round of OnDeck funding because Covid really impacted my suppliers and sales,” Diabate says. “OnDeck helped me keep up with the competition as I was becoming known in my industry.”

Whether you need cash to hire more staff, purchase more inventory or equipment, acquire more space, or simply keep paying your bills through a slow season, with OnDeck’s personalized service it’s easy to assess your loan options.

OnDeck’s Loan Offerings: Term Loan and Line of Credit

OnDeck offers two lending options to meet your unique business needs: a line of credit or a term loan. Both options let you apply with a simple, 10-minute application  form and get a fast approval decision with the aid of OnDeck’s pioneering data analytics and digital technology. And both loan types provide access to  from a dedicated, U.S.-based personal loan advisor. Your advisor will not only help you figure out which type loan will work best for you but also tailor the repayment terms to fit your business.

An OnDeck Line of Credit offers:

• A revolving credit line you can draw from 24/7
• Credit limits from $6,000 to $100,000
• Flexible repayment terms of 12, 18 or 24 months
• Interest charged only on what you borrow

An OnDeck Term Loan offers:

• A one-time lump sum of cash with an eventual option to apply for more
• Loan amounts from $5,000 to $250,000
• Repayment terms up to 24 months
• Option to apply for more after halfway paid down

OnDeck’s Top-Rated Customer Service

Whichever loan option you choose, you’ll receive the world-class OnDeck customer experience. OnDeck counts respect for customers and providing the best customer service among its core principles.

OnDeck customer Henry Lee, who owns music store Musicians Headquarters in Balch Springs, Texas, describes his lending experience this way:

“The customer service is great, and all of our questions are easily answered. We have used OnDeck for years now and are very happy to have them on our side. They have always worked well with us and been professional at every stage of the process.”

OnDeck customers also rave about their personal loan advisors in online reviews.  Here’s a sampling of their comments from TrustPilot:

“She explains everything very well, goes over my options, makes suggestions, and then executes the plan every single time!”

“He walked me through all of the options and did an outstanding job explaining all of the details as well. He not only listened to my needs, but he also made recommendations that I had not thought of, nor did I know about.”

“He made me feel like I was gaining a new and important friend to help me with my financial needs.”

OnDeck’s outstanding customer service has earned the company an A+ rating from the Better Business Bureau.

OnDeck’s Loyalty Perks and Data Security

Two other core principles guide OnDeck’s approach to customer relations:

• Benefits to existing customers–If you take out another loan, OnDeck will waive remaining interest on the current loan.^‡
• Privacy and data security–ensuring the privacy and security of its customers’ information and disclosing how borrower information is used.

OnDeck

Loan amounts

$5,000 to $250,000

APR

Not disclosed

Minimum credit score

625

OnDeck

Learn More

Via Ondeck's Website

Applying for an OnDeck Loan

Ready to explore whether an OnDeck small business loan is right for your business? Here’s what you need to know about the minimum requirements, qualifications and application process.

OnDeck’s minimum requirements and qualifications**

• 1 year in business
• 625 personal FICO score
• $100,000 business annual revenue
• Business checking account

OnDeck’s loan application process

In contrast to the mountain of documentation and lengthy review that many conventional lenders require, OnDeck’s streamlined application process boils down to three simple elements:

Step 1: Complete the application. You don’t need to submit a pile of documents, just some basic information about your business (like your business Employer Identification Number, your Social Security number, an estimate of your annual gross revenue and your average business bank account balance) plus your bank statements from the three previous months.

Step 2: Get a decision. Your dedicated loan advisor will review your options to help you select the best type of loan for your business. Once your application is submitted, OnDeck’s innovative method of using data analytics and digital technology to assess your creditworthiness lets you receive a quick approval decision.

Step 3: Receive your funds. Once you complete the online checkout, you can receive your funds as soon as the same day.^†

Personalized Service Is Good Business

For every customer, the OnDeck personalized lending service includes:

• A dedicated, U.S.-based personal loan advisor
• A simple loan application process and fast decision
• Tailored loan options and repayment terms
• Transparent pricing
• Data privacy and security

Forbes Advisor named OnDeck as one of the “Best Small Business Loans” for its variety of business lending products and same-day funding. Whether you’re just starting your business or trying to grow, the best small business loans can help you access the capital your business needs to thrive.

Disclosures

** There are some industries OnDeck cannot service (see list of restricted industries). In addition, OnDeck does not lend to businesses in North Dakota. Other underwriting requirements may apply.

‡ Saving money on outstanding interest is only applicable if a loan is prepaid in full before the end of your payment period. When you pay off your loan early, you would owe 75% of the remaining interest that was disclosed in your original loan agreement.

† Same-Day Funding is only in certain states, for term loans up to $100K. Eligibility window is Monday-Friday before 10:30 a.m. ET. If checkout is done before 10:30 a.m. ET funds will be available by 5 p.m. local time the same day. If checkout is done after 10:30 a.m. ET, or on a weekend or bank holiday, it will not qualify for Same-Day Funding and funds will be deposited within 2-3 business days.